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on this so called fiscal cliff. i'm going to bring in the republican from the great state of caps cannes. always great to have you on the show. first of all, will the majority of republicans vote for this deal even though i'm not sure what the deal is on the sequester side? >> is there is an interest of solving the problem i think what you said is how most republican ares feel. we need to know the details of the deal and i'm on the side if it is going to be postponed it is going to be paid for by reduced spending elsewhere. that is the wrong direction to go. so while there is an interest and believe that we are getting close to a deal, there is yet enough unknown that you can't answer your question at this time. >> it troubles me, if you run off the sequester and run off the tax revenues to make up the difference which is what the president said today in his goofy press conference. if that happens, i want to ask you if this thing can actually pass. too quick, 51 votes and 60 votes and democrats and republican ares can the two come together? is that how it might work? >> my guess is that
america falling over the fiscal cliff? house republicans haven't yet called their members back to washington. our chief political correspondent, john harwood, is with us. john, this feels very much like it might be the calm before the storm in more way than one. >> it could be if we go over the cliff and the storm would be generated by the markets and the loss of confidence in american governance and the american economy, but that's not necessarily going to be the case. we still have a few days left. a white house official told me that there have been no progress over the last couple of days, but an aide to senator harry reid told me there's still a 50/50 chance we get a mini deal that would put off the effects of the cliff at least temporarily and a 50/50 chance of that happening before january 1st. so even though there's a small number of days, sometimes the urgency of a deadline forces lawmakers to overcome differences they can't overcome otherwise. >> remind us, john, a mini deal is composed in the senate but still has to pass through house republicans and boehner or not? >
as part of the overall deal here on the fiscal cliff. republicans have been resisting that by announcing the debt ceiling limit will be held on monday, ratchets up the pressure to include the debt ceiling piece in the final package, whatever that may be, but still not clear, carl, there is going to be a final package of any kind. one quick note, we saw the realism. pact in the real world of the debt situation. treasury announcing yesterday it has suspended the sale of state and local government securities, government series securities. so already, they are doing some maneuvering here financially to try to avoid that debtly limit. the treasury secretary says he doesn't know how much wiggle room they are going to have, given that all the fiscal cliff uncertainty is out there. >> eamon, on this idea that the house members get called back with 48 hours' notice. traders are looking for that headline if it happens almost that bleed out there or procedural moment where that is announced, so to speak? >> a good question. i have been in touch with republican leadership about that today. what they
the traders in the futures pit. then the latest on the fiscal cliff negotiations from republican senator bob corker. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> welcome back to "squawk box," everyone. let's take a look at a few stocks that might be on the move. bristol-myers squibb has gotten fda approval for its anti-clotting drug eliquis. it's designed to prevent clots in patients whose atrial fibrillation is not caused by clotting problems. >>> facebook is experiencing a reacceleration of spending in the mobile category. and intel's earnings estimates have been raised by wells fargo. the firm says that intel's bottom line is benefiting from several factors including gro
forward on the fiscal cliff issue. it does seems as though they're running into logger heads here slowly before the last couple of days before the deadline to solve the fiscal cliff negotiations. the ftse 100, a couple of points higher at the moment. same going for the spanish market, the aex in the corner. we're looking at relatively flattish trade here in europe on christmas eve. let's recap off of what we've seen in asia in the overnight session here. you're looking at slight gains across the board. the shanghai composite up by .25%. you're seeing similar gains in the s&p asx and the hang seng, the kospi both a couple of points up to the upside, as well. currency markets, pretty stable trade, too. we're seeing slightly lower volumes to say the least as you would anticipate here during the holiday days. we are, though, flirt, a recent high is 1.32. a couple of sessions ago, we were down at the 1.29 mark. aussie/dollar flat. sterling seeing slight gains. just to wrap things up showing you what's taking place in fixed income, relatively flattish trade, as well. the yield here on the span
are going to get is to go over the fiscal cliff. taxes go up, then you go the republicans in position where they're getting the lower taxes. then patti murray. >> i just hope that people are paying attention that what we are seeing is basically the best world for politicians, they put off the and then everybody is going to pretend, oh, it's something happened. and nobody in the meantime is representing the interest of the american people. you know, we've got both parties in a position to negotiate this is what we want, this is what we elected and they're doing everything they can to not pay attention to that and to go to their separate corners and to be separate and to pretend that their way is not the only way. >> and it could result in people being called into, like, their supervisor's offices and their supervisor goes, i'm sorry, people are actually losing jobs because of this. >> but is there what the people voted for? there are some that think this is what the president voted for. >> how can you think that the american people didn't vote for this? >> let me get to these economical repo
the talk of the fiscal cliff but the thing that's actually driving us off the fiscal cliff is our debt and the explosion in the entitlements and yet that's the very thing we avoid dealing with. you ask about what we should do? look, those on the republican side on the house have voted for the ryan budget and others which actually gave a vision of how to put market forces into entitlement spending. if you don't like the idea, give us another suggestion, but don't do what nancy pelosi has done where saying spending cuts are off the table. in that case we're negotiating with ourselves again. >> i'm sorry, we have to leave it there. congressman, have a pleasant flight back across the country tomorrow evening. >> it's always a joy. >> all right. >>> let's hear from the other side. representative allyson schwartz is a democrat from pennsylvania. michelle, jump in. >> she sits on the ways and means and budget committees. thanks so much for joining us, representative. you just heard that whole discussion. why is it, madam, that the democrats seem so resistant to any kind of reform to entitleme
about the fiscal cliff. are they happy or sad? and can they rise above to get a deal done? "closing bell" will be back after this break. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-866-294-5412. >>> we're getting ever closer to midnight. ticktock, ticktock. despite encouraging signs, there's still no final fiscal cliff deal. e mamon javers is on capitol hi working the phones. what are you he
. if we can get that done, that takes a big bite out of the fiscal cliff. it avoids the worst outcomes and we're then going to have some tough negotiation necessary terms of how we continue to reduce the deficit, grow the economy, create -- >> but this fight comes back. now, i want to ask you specifically about entitlements, medicare and social security. are you prepared in the first year of your second term to significantly reform those two programs, to go beyond the cuts you've suggested to benefits in medicare, that your own dead commission suggested you would have to do if you were going to shore up medicare at least? are you prepared to do that in your first year of a second term? >> what i've said is i am prepared to do everything i can to make sure that medicare and social security are there not just for this generation and for future generations. >> you have to talk tough to seniors. >> i already have. one of the proposals we made is something called change cpi which basically makes an adjustment in terms of how inflation is calculated on social security, highly unpopular among
't whip up votes for their own fiscal cliff plan. speaker boehner says they'll be going on vacation without legislation. everyone assumes the fiscal cliff negotiations are done for the moment. suppose the newfound bears conventional wisdom is wrong. suppose if we don't go over the fiscal cliff or at the very least we get resolved with minimum destruction as i talked about at the top of the show. my super bowl see you in new orleans solution. i'm not saying this will happen. i'm saying this positive scenario is very much on the table. it has to be considered. and in that rosy okay things are all right scenario, good things could happen to our stock market in 2013. let's say you're an optimist that believes the fiscal cliff will be resolved and they rise above. what's the best way to play a fabulous bull market that some think could be unleashed? simple. assuming that everything goes right, the best proxy for the market in 2013 is the blackstone group. the big publicly traded asset firm. why blackstone? a company that i wasn't keen on. the company earns money investing other people's
negotiations over the fiscal cliff if we go over, republicans will be overwhelming share of the blame for it. republican doesn't mind tax increases and the republican position -- >> although there's still far a lot of the public that probably doesn't want their entitlements cut but they do express that they want washington to live within its means. they do express that they're not a huge fan of big government although they do like -- >> do like social security. >> how many of the races in november, congressional races are actually close? >> not that many. >> i mean this was an interesting dynamic. because there's really, i mean, you do have a very stark choice between -- in a lot of these districts. so, the conventional wisdom is a lot of republicans, a lot of tea party republicans are more worried about a primary slide than they are running against the democrats. >> absolutely. >> is that true? >> that's a problem that you have a house majority that believes and has as much of a mandate as the president. a lot of these guys won with a large share of the vote. some are in gerrymander distric
the latest on what she's hearing on the fiscal cliff negotiations. what you got, m? >> hi there. thanks much. i've been on the phone all day with a number of house republicans and senators. and what i'm hearing is that the president's press conference made this bill a much tougher sell in the house. at this point, yes they are meeting at 5:00 p.m., that gop conference. but it's not about anything fiscal cliff related as you heard from john harwood. basically thes gop expected that even though they were reluctant to agree to any tax increases, they were going back to their constituents and saying we are agreeing to taxes going up on anyone making $450,000 or higher and they expected that the tax conversation would be done for 2012 and that they would begin going into 2013 with the conversation over spending cuts. however, that press conference where he basically said it's not going to be on the backs of seniors and we need more revenue suggested that the president is going to seek loopholes closed, exemptions closed in the tax code and possibly further tax increases for more revenue. and my s
the fiscal cliff and sometime in the first week and a half, that's the political theater where the republicans can then cut taxes instead of raising taxes on anyone. and all will be well. i do think, however, the one thing that i'm worried about is the markets are okay with that, and they -- in our business we say buy the room or sell the facts. they price in this good outcome that happens the first week of january. then there's no reason left to buy. we priced that in and go lower. i did establish shorts on christmas eve. >> jim, good morning, it's seema. how you doing? >> good. >> good. you know, in terms of where we are at, in terms of fiscal cliff negotiations, how would you advise investors to invest in the short term? if you're watching the political rhetoric out of washington, how would you tell people at home to really invest? >> i think there's things that were beaten down hard for tax purposes in anticipation of raising a capital gains tax. it's a bad time to move into apple. things like intel. something that the market beat up all year, you know, in the name of it be
into this meeting coming up on sunday night and what he thinks about the odds of avoiding the fiscal cliff. that should be very interesting coming up. >> before the break, let's check out what this ceo from milwaukee thinks about the impending fiscal crisis. >> my name is rich moussen. i'm the president and ceo of badger meters. we have about 1,400 employees around the world. the fiscal cliff is scary and should be scary. another recession. higher unemployment. economic slowdown. tax money taken out of the economy. those are major concerns. we're going to have to react as a business and it could result in cutbacks. the fiscal cliff was meant to be something that nobody wanted to go anywhere near, and here we are about to go off it. we really need our elected officials to figure this out. come up with a reasonable compromise that keeps our economy growing and gives us some certain about the future so we can make our plans as business leaders. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generatio
've been in for a long time. >> america heads closer to the edge of the fiscal cliff. how businesses are bracing for the worst, and what it means for your money. >> and could the looming trouble at the capitol be the right time to buy? >> i love gold! >> why gold could be the hottest investment trend in the new year. second hour of "squawk box" starts right now. ♪ >>> welcome back to "squawk box" here on cnbc, i'm andrew ross sorkin along with joe kernen. becky quick continues off today. our guest host, we've got two of them rbc ceo of management john taft, and ed -- did i mispronounce it? >> keyon. >> keyon. >> it's going to be a tough, long morning from quantitative management associates, he's a portfolio manager. i apologize for that. ed, the futures right now, take a look. we have some red arrows across the board. >> perfect. >> what's that? >> you did a perfect. >> dow jones looks like it will open off about 60 points, nasdaq off about 14 points and the s&p 500 looks like it will open down about 6 points or more. here are your morning headlines. president obama will meet with
points or so. being up at all with the fiscal cliff really looking like we're -- why wouldn't we head over. you go back to 39.6 on anybody 250 and above and ride in and lower taxes and be a hero. see republicans vote against that. >>> pre-christmas shopping rush wasn't much of a rush at all, at least not the type economists were expecting. a mastercard spending poll reports holiday sales were up .7 of a percent a year ago well below expectations. and we'll get a fresh read also on home prices when the monthly ca case-shiller report comes out at 9:00 eastern and congress thinks it will show 3.7% in prices for october from a year earlier, continued improvement. and netflix customers were hit by a partial holiday outage, some unable to access the service from clrm eve through thursday morning. they should have been spending time with the family around the hearth. >> a lot of people do it around the tv. >> unable to download any "walking dead" episodes during the holiday. netflix says the source of the problem was a server operated by amazon web services unit. ready to blame them. >> alwa
and counting before we fall off the so-called fiscal cliff and while there's no deal, more news out of washington and our very own john harwood is there. >> reporter: mandy, we've got a letter from the republican leadership to the president and to the democrats in the senate saying that the house has acted, they passed legislation last year to extend all the tax cuts and to shift the scheduled sequester cuts from defense to domestic programs, but, of course, in urging the senate to act saying, well, we've acted, now it's your turn, we're simply not going to see the democrats take them up on that because president obama since that letter has won the election and now we're looking at the possibility of a mini deal that would get enacted before january 1st but so far all we've heard are the sounds of silence in the negotiations. a senior white house official told me today when i asked was there any holiday season progress, back channel progress over the past couple of days, got a one-word reply, no. second, the democratic senate leadership says there's a 50/50 chance that we'd get a de
poll shows americans blame republicans more than democrats or president obama for the fiscal crisis. 27% cited the gop is responsible. 16% blaming the president, 6% pointing to the democrats while 31% said they would blame all of the above for going over the cliff. alistair newton, you've seen the attitudes of the american people. i guess we're going over the cliff. >> i guess we are. got that one wrong, didn't i? >> so you expected -- a lot of people expected a resolution. does it matter that we're actually going to go over it? >> so far, markets are taking it surprisingly calmly, haven't they? we've seen a bit of volatility yesterday. but the thought that obama is going to get people in a room today, you saw u.s. equities recovering a bit before close yesterday. it's going to be pretty interesting the next few days. i don't rule out total ly washington coming to its senses, but i have to say at the moment that the odds look rather against it. but there is still another option which people are not considering at the moment, and that is that we get a deal before the 12th congress wraps
ahead? steve liesman has that for us. >> this could be the fiscal cliff game at home report. now that there is a plan in motion, can you see some of the things that are in play here. the revenue side of the fiscal cliff $520 billion, spending side, $130 billion. some piece of that is going to go away if indeed they do end up capping the increases of those at $400,000, 450 and above. we don't know how much. perhaps the vast bulk of it could go away. no discussion on wlornt automatic spending cuts for this year would be affected at all. there's the total 650. impact of the total fiscal cliff this year and by way of contrast or comparison, here is the gdp effect. we gained in nominal terms and that's why going over the cliff means negative growth, it means a recession. here is some of the detail of what we ever talking about here. 620 billion. that's the total revenue. depends on which numbers you use. moving on, per capitia effect, it affects different people differently. 26.2 million is the number of americans that will see an increase in taxes subject to amt that alternate taxati
. we acted to put off the fiscal cliff several months ago with a bill that without objection tend all of those bush tax rates into the future and would turn off the sequester by switching defense cuts over to domestic programs. democrats, of course have no intention of doing that. especially after president obama won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people who are looking for a deal and looking for a deal by december 31, all hope is not lost. it is not looking good at the moment. >> let's go back to this hitting the debt ceiling on monday. we learned of this because treasury secretary tim good night mother sent a letter to the honorable harry reid majority lead
in response to what was going on in washington on the fiscal cliff. so they know this is angering people and they know this is affecting people's fortunes and livelihoods. but what they don't want to do is give up on deeply held principles. and a lot of these house members got elected in districts that don't look anything like the rest of america. they're very extreme, gerrymandered districts in many case s with ca ca ca cases, and their own personal careers depend much more on how they're perceived back at home. so they don't necessarily care that this is one of the most unpopular congresses in recent history and one of the most unproductive congresses in recent history. they want to stick by their principles. >> it's true. and a lot of them say, eamon, i've been elected to be a check on the president and that's what a lot of this is about. >> right. this is deeply held, fundamental belief on both sides and there's a huge chasm between the two sides on these issues. and somebody's going to be a loser here if there's a deal. somebody's going to be perceived as having gotten rolled and ne
of the president and democrats to avoid going over the fiscal cliff. >> when i listen to the president i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at the bottom of the cliff. he gets all this additional tax revenue for new programs. he gets to cut the military, which democrats have been calling for for years. and he gets to blame republicans for it. >> and most republicans now looking even past january 1st and seeing the coming fight over raising the debt ceiling after the inauguration as their best chance of pushing president obama and democrats for more budget cuts. >> the big chance for a big deal is that the debt ceiling -- that is when we'll have leverage to turn the country around, prevent it from becoming greece and save social security and medicare. >> as a practical matter no matter what congress and the white house do before the end of the year it is already too late for most employers to accurately withhold taxes from the january pay checks unless there is no change so workers will feel immediately for example that
going into the close. down about 53 points on the dow industrials. >> we seem to be at a fiscal cliff stalemate but it is not keeping lawmakers on either side of the aisle quiet. when we come back we go live to washington for the latest and hear from one republican congressman on where he is willing to compromise at all. >> as last-minute christmas gift orders pour into online retailers which is better off, amazon or best buy? coming up we'll look at both stocks and which you may want in your stocking this year. >> if you're traveling any time this week listen up. we'll take you live to the world's busiest airport for a status check all coming up on this last hour of the trading day on christmas eve on "closing bell." [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you c
of obamacare taxes begin in january. that's not even part of the fiscal cliff. that's in addition to the fiscal cliff. >>> good morning. we're live at the new york stock exchange. of course the moment we've been waiting for, the senate reconvening as we speak. 11:00 a.m. eastern time. we are waiting to see whether any progress has been made between republican senator mitch mcconnell and vice president joe biden. john harwood has told us they have not only had constructive talks, but talked past midnight, at 6:30 a.m. this morning. markets reacting quite like this, the dow down about 12 points, s&p positive by about three, and the nasdaq up about 15. meantime in hong kong, they are already celebrating the new year. this is a live picture of what's happening on the other side of the planet and that scene will be a lot more familiar to those on the east coast in just a few hours time. meantime just a few hours to go, still no deal on the fiscal cliff. how are the markets going to be impacted heading into the new year? head of research joining us from new york, andrew, happy new year to you. all ki
Search Results 0 to 23 of about 24